Sean has a problem with his condo.

Sean moved out years ago. He continues to rack up condo dues at the rate of $300 per month.

Sean is overloaded with credit card and medical debt, and creditors are threatening to sue.little-red-house-nc

Sean’s condo is “under water”, meaning that he owes more on the mortgage than what the condo will sell for.

Sean will continue owing condo dues until the lender forecloses. But the lender seems not to be interested in foreclosing.

Sean’s only remaining solution is to list his condo for sale and sell it on a short sale basis.

Sean’s lender may pay him thousands of dollars compensation for going through a short sale. It will cost the lender less for Sean to do a short sale than for the lender to hire a foreclosure firm and do a foreclosure.

Once Sean completes his short sale, he can then proceed with his Chapter 7 bankruptcy, which will discharge his credit card and medical debt as well as his past condo dues.

The lender may not cooperate with a shot sale if Sean has judgements against him – unless Sean will pay off the judgements. The solution would be for Sean to go through Chapter 7 bankruptcy before doing the short sale, which will “avoid” (eliminate) any judgments.  Then he can proceed with his short sale, and maybe he can receive compensation from the lender for going through a short sale.

I am available to help Sean list his condo and get it sold. I can also refer him to a knowledgeable bankruptcy attorney.

I have an open telephone line to buyers, sellers, and real estate agents.

James Robert Deal Attorney, Real Estate Agent
WSBA # 8103
DOL # 39666
Madison Properties Real Estate
425-771-1110, 888-999-2022
James at JamesDeal dot com
JRDeal-6-18-15-full-png

Pin It on Pinterest

Share This

Subscribe To Our Newsletter

Join our mailing list to receive our latest news and updates.

You have Successfully Subscribed!